According to research from Bengaluru-based hiring business Xpheno, IT services firms are expected to hire between 50,000 and 1,00,000 people in FY 2024.
In comparison to the net hiring of 2,50,000 the previous year, the number has significantly decreased. The reduction once more highlights the sluggish and unpredictable market for IT services.
The top five Indian IT exporters by net headcount—Infosys, Tata Consultancy Services (TCS), HCLTech, Wipro, and Tech Mahindra—saw a decrease of 21,838 in the three months that ended on June 30, 2023.
There are different factors responsible for the fall in the hiring process in the IT sector. Some of them are:
- International ITs have huge employees in India too
- Companies like Accenture, Capgemini, and others have seen a decline of 5000 each.
- Europe and US in the wake of the quiet hiring drift